KUWAIT CITY, Aug 7: Real estate experts are of the view that many individuals and companies having the financial ability to purchase property hesitate to do so due to the current regional situation, and that necessary steps should be taken to reorganize real estate market to allow expatriates invest in real estate sector, reports Al-Rai daily.
They noted real estate sector is currently undergoing a difficult phase and there’s need for stringent measures as a matter of urgency to rescue the situation. Abdulaziz Al-Deghaisham, an expert in real estate stated the current recession in real estate sector is normal, because real estate is connected to the general economy. “This is the best period to make purchase due to the current low prices”, he stressed, adding “I also see many investors becoming victims to the falling real estate prices, especially owners who are asked to refund bank loans”.
He called on the banks to reassess the current difficult economic circumstances and extend the period of loan repayment while rescheduling installments. Also, real estate expert Ali Humoud Al-Ghanim proposed the establishment of a public authority to manage the affairs of real estate sector and to facilitate the floating of development projects by the State in the wake of recent boost in oil prices reaching $70 per barrel. He revealed the proposed draft law to allow expatriates to own properties in Kuwait will help improve the conditions of real estate sector.
He stressed that some expatriates have high deposits in the local banks due to unavailability of investment opportunities. And, real estate broker Awar Al-Abkal said many individuals and companies having the financial ability to purchase property hesitate to do so due to the current regional situation. He requested the State to take necessary steps to reorganize real estate market to allow expatriates to invest in real estate sector while granting them permanent residencies.